WTI rally is taking a breather, lumber slips to June low while sugar price nears 12-year high
Outlook on WTI, lumber and sugar ahead of FOMC meeting.
WTI rally is taking a breather ahead of FOMC
WTI’s over 16% rally since August to a new ten-month high at $92.38 per barrel ran out of steam slightly below the October and November 2022 highs at $92.70 to $92.95 ahead of today’s US Federal Open Market Committee (FOMC) meeting.
The fall through the August-to-September uptrend line at $90.92 put the mid-November 2022 high at $89.39 back on the map. Below it potential support can be spotted at the 5 September high at $87.60. Immediate resistance sits between Monday and Tuesday’s lows at $89.91 to $90.28.
Sugar #11 trades in new 12-year highs
Front month sugar futures continue their ascent and have reached a new near 12-year high at 27.85. If overcome, the 161.8% Fibonacci extension of the June-to-July advance, taken from the August low, at 28.85 would be in focus.
Minor support below the 12 September high at 27.42 is seen along the August-to-September uptrend line at 26.92 and also at the April peak at 26.81. Immediate upside pressure will be maintained while Monday’s low at 26.71 underpins.
Lumber nears June low
Front month lumber futures continue their descent towards their 49,170.40 June low, a fall through which would have the March trough at 49,144.70 in its sights. Minor resistance sits at the 49,659.50 August low with further resistance seen along the July-to-September downtrend line at 50,260.
While the last reaction high – a high on a daily candlestick chart which is higher than the one to its left and right – at Thursday’s 50,881.90 isn’t bettered, downside pressure should prevail.
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